TDC to buy Get for $2.2 Billion

TDC of Denmark acquires Get, a Norwegian cable provider, for $2.2 Billion from Goldman Sachs Capital Partners and Quadrangle Capital Partners, which acquired Get in 2007.

TDC is one of largest cable and broadband providers in Denmark which serves about 1.2 million households

Get provides television and broadband services to about 500,000 households and businesses in Norway.

“We are confident that Get has a bright future with its new partner,” said Andrew Wolff, a Goldman Sachs managing director

TDC said it expected to issue bonds to finance the transaction. The companies expect to achieve annual costs savings of about 185 million Norwegian kroner following the deal.

CEO of Get Gunnar Evensen is expected to stay with the company and continue in his positin after close this transaction.

TDC advisors were JPMorgan Chase and the law firm Kromann Reumert, while Get was advised by Deutsche Bank and Goldman Sachs.

The transaction is subject to regulatory approval and is expected to close in the fourth quarter.

Mr. Stakebay says:

This deal creates second largest cable provider in Scandinavia behind Telenor, which serves more than 1.7 million household in Norway and Denmark.TDC improve to focus on consumers, amall and medium-size businesses. The company expects annual costs savings of about 185 million Norwegian kroner.

President and CEO of TDC……………Carsten Dilling…………(2012-present)………..DKK 15 600 000